Beware the “Black Friday” Estate Agent!

When the shopping phenomenon Black Friday crashed upon these shores 5 years ago now from our cousins across the Atlantic it was seen as retail heaven by many.

Prices slashed pretty much everywhere on everything and the best part was its timing.

Black Friday comes after the American celebration of Thanksgiving. This year it’s on Friday 23rd November. Just over a month before Christmas – hurrah for cheaper presents.

It’s been a tradition in America for many years that has grown into an absolute stampede in the USA and even over here, with people literally fighting in the shopping aisles to grab a bargain!

But is Black Friday all the marketing maestros crank it up to be? New research shows what most of us probably guessed, that almost 60% of these wonderful bargains – are actually cheaper at other points during the year any way!

What are the most popular Black Friday items?

When comparing the average price of popular products on the 2017 Black Friday weekend, items such as smartphones, tablets, games consoles and vacuum cleaners were all found to be more expensive on the day, as opposed to four weeks either side of the event.

Research found that electronic devices were the most sought after items on Black Friday with smartphones topping the list of most wanted products.

Another report on choosewisely.co.uk said that despite the headline grabbing claims of many retailers suggesting 50-75 per cent off items, across a selection of products the average discount was just 9 per cent.

And that doesn’t factor in the extra stress of queuing, getting to the shopping centre or watching the internet prices like a hungry hawk only to click online excitedly, only to find the product sold out!

Many retailers are turning their back on it. Last year Next, Boots and ASDA among several other giants took no part in it. The general line from these companies was that they keep their prices competitive all year round not just for 24 hours or so on Black Friday.

So what has that got to do with estate agents I can hear you thinking (or something like that!)

Well here at Maurice Kilbride we’ve even seen estate agents jump on the Black Friday bandwagon with what can only be described as rock bottom fees, you could be facetious and suggest some budget estate agents operate a permanent Black Friday policy!

Estate Agency isn’t an off the shelf commodity!

The trouble with this approach is estate agency isn’t a commodity or an off the shelf product. Buying or selling a home is a personal transaction which takes time and has a huge impact on your life in one way or another.

Good, experienced and professional estate agents won’t work for peanuts – it has recently been proven in research that good high street agents achieve on average 5% higher prices for their clients or £11,400 in monetary terms, so we believe we can justify our fees and we don’t have to resort to Black Friday tactics because we know that when you slash fees the client loses out, cheap very rarely equates to good.

The first thing to suffer is service. And as estate agency is primarily a service industry going for a cheap option may cost you a lot more than you expected in the future. One of the sticks budget agents try to beat high street agents with is how high street agents fees are higher to cover costs of premises, however sellers and buyers clearly still prefer to visit an agents offices to talk with somebody face to face, especially if they are seeking reassurance or there is a problem to solve.

But if that isn’t enough and you do get your head turned by an estate agency Black Friday offer, or any Budget offer come to that, always read the small print, as these offers are rarely all they are cracked up to be!

Thanks for reading and whatever you are doing this Friday take care,have fun and be lucky in the bargain hunting stakes!

Maurice

PS: Whether you are selling, buying, letting or renting, we’re here to help. Call Joe, Patrick or myself on 0161 428 3663 or email: sales@mkiea.co.uk for expert advice which is honest, accurate and informative. Better still pop in for an informal chat to our office on Cheadle High Street. We might even make you one of our famous brews!